Quote of the week
“Perhaps the greatest oxymoron is giving the Federal Reserve additional authority as a ‘systemic risk regulator,’ despite its demonstrated incompetence in preventing, predicting, or even recognizing systemic risk of its own creation over the past two decades, culminating in our current crisis.” – B.J. Lawson
by Emily Matthews
“Every choice (whether to have private or socialized medicine) leads to other choices. So if what the media tells us is true, that ‘most people favor socialized medicine,’ then what they’re really saying is most people would rather be dead than bankrupt. Huh?” more…
by Paul Starobin
“Remember that classic Beatles riff of the 1960s: ‘You say you want a revolution?’ Imagine this instead: a devolution. Picture an America that is run not, as now, by a top-heavy Washington autocracy but, in freewheeling style, by an assemblage of largely autonomous regional republics reflecting the eclectic economic and cultural character of the society.” more…
by James V. DeLong
“[I]t is not unusual for decadent political arrangements to blaze brightly before their end. Indeed, the total victory of the old arrangements may be crucial to bringing into being the forces that will overthrow it. In some ways, the grip of the aristocracy on 18th-century France tightened in the decades leading up to 1789, and the alliance-of-states idea could have lasted a while longer had the Confederacy not precipitated the crisis. So the utter triumph of the Special Interest State over the past 15 years, and particularly in the recent election, looks like the beginning of its end.” more…
by Thomas J. DiLorenzo
“The two worst scourges of humanity in the twentieth century were socialism and fascism. Together, they wrecked much of the world economy because of their shared ‘fatal conceit’ (F.A. Hayek’s term) that government central planners were superior to private property and free markets. Fascist and socialist governments (not that there’s much difference between them) murdered over 100 million of their own citizens, as the sociologist R.J. Rummel has documented (See his book, Death by Government), and instigated wars that caused the deaths of millions more.
“Incredibly, the two-party duopoly that has long ruled America has adopted both fascism and socialism as the defining characteristics of our economic system. Call it Fascialism. It is a recipe for national economic suicide.” more…
In the news…
- North Korea vows to weaponize its remaining plutonium.
- Ahmadinejad’s questionable victory in the Iranian elections was greeted by protests.
- Twitter/Facebook played a key role for Iranian protestors.
- The US government has urged Twitter to postpone is scheduled downtime because of the role it is playing in the Iranian election protests.
- Obama’s plan to aggrandize the power of the Federal Reserve could meet some resistance in Congress.
- Summary of this weeks BRIC meeting. BRIC=(Brazil Russia India China). Learn that term well…
- African entrepreneurs will launch weather balloons to provide broadband access.
- The state sovereignty movement is getting some press in the LA Times.
- Large parts of Flint, Michigan are undergoing planned demolition.
- A recent history of the US economy
And now the numbers…
DOW Jones Industrials – 8,539.73 (-259.53/-2.95%)
S&P 500 – 921.23 (-24.98/-2.64%)
VIX – 27.99 (-0.16/-0.57%)
CSI 300 (China) – 3,080.001 (+173.715/5.98%)
BSE 500 (India) – 5,466.33 (-265.18/-4.63%)
MICEX (Russia) – 1,017.29 (-121.23/-10.65%)
BOVESPA (Brazil) – 51,373.77 (-2184.46/-4.08%)
RICI – 2,962.20 (-111.82/-3.64%)
Gold/oz – 936.20 (-4.50/-0.48%)
Silver/oz – 14.20 (-0.63/-4.25%)
Copper/lb – 226.15 (-12.15/-5.10%)
Oil/bbl (Brent) – 69.19 (-1.73/-2.44%)
Wheat/bu (CBT) – 555.25 (-29.50/-5.04%)
Corn/bu – 419.50 (-6.00/-1.41%)
EUR-USD – 1.3937 (-0.0079/-0.56%)
USD-JPY – 96.27 (-2.165/-2.20%)
USD-BRL – 1.9752 (+0.0492/2.55%)
3 Month Treasury – 0.17 (UNCHG)
2 Year Treasury – 1.20 (-0.06/-4.76%)
10 Year Treasury – 3.78 (-0.01/-0.26%)
30 Year Treasury – 4.50 (-0.14/-3.02%)
U.S. Public Debt (official) – 11,399,258,796,766.09 (+23,632,376,456.50/0.21%)
U.S. Public Debt (actual est.) – 61,496,285,000,000.00 (+59,375,000,000.00/0.10%)
Baltic Dry Index (BDIY:IND) – 4,070.00 (+487.00/13.59%)
Lots going on in the larger world. Too much to even pay attention to really. Hell, it’s hard enough to keep up with Obama’s never ending list of new initiatives. They come a million a minute, or so it seems. He’s doing way too much way too fast as far as I’m concerned. The phrase “radical transformation” (for the worse) comes to mind.
I find the happenings in Iran very intersting and like so many others I am watching and hoping that the situation resolves itself to the benefit of the Mousavi supporters. That would be progress.
Have a nice weekend.